Storied Tavern on the Green gets $20 million makeover

Tavern on the Green gets $20 million makeover

The new owners of the storied Tavern on the Green restaurant have a message for patrons: the resurrected eatery isn't just for tourists or celebrities anymore.

"It's a place for everybody now," said new proprietor David Salama on Wednesday during an interview on CNBC's "Squawk on the Street."

The 150-year-old iconic Central Park restaurant reopens Thursday after a two-year, $20 million renovation. The city of New York owns the building and receives a generous cut of the profits; Tavern was once the highest grossing independent restaurant in the country.

Read MoreSurprise! Some NY rich may face 164% estate tax

The new owners—Salama and Jim Caiola—toned down the restaurant's once-extravagant interior and revamped the menu in favor of local fare, according to the New York Daily News.

The eatery closed in 2009 after its former owners declared bankruptcy.

—By CNBC's Jeff Morganteen.